The median sales price in the Austin-Round Rock-San Marcos MSA decreased by 4.4% to $439,990, while closed sales decreased by a whopping 10.4% compared to the same time in 2023. In fact, closed sales decreased in every county except Caldwell and Hays, and affordability remains an issue. Average days on market came in at 70 days, an 8-day increase, while months of inventory also rose to 4.9 months. New listings decreased by 4.11%, active listings increased by 15.4%, and pending sales rose by 3.1%.
The Federal Reserve recently announced its decision to lower the target range for the federal funds rate by 0.5%. While mortgage rates are not expected to decrease substantially or immediately, the decision will have a positive impact on them. However, it remains to be seen if this move will inspire on-the-fence homebuyers to re-enter the homeownership quest in the Leander and greater Austin areas.
“Buyers currently have more leverage in this market than previous years and it’s important for sellers to price their homes attainably to reflect current market conditions and attract more buyers,” Clare Knapp, Ph.D, housing economist for Unlock MLS and the Austin Board of REALTORS®, said.
Kent Redding, 2024 ABoR and Unlock MLS president, shared, “While communities in Central Texas have taken important steps this past year to improve our housing supply and lower the cost of housing, more steps need to be taken to implement solutions to address housing affordability. As always, working with a REALTOR® is important. As experts in this market, REALTORS® understand pricing dynamics and how to list and show a home that will help close the deal more quickly.”
Next, let’s dive into the raw data.
Year-Over-Year Market Statistics for Austin-Round Rock-San Marcos for August 2024:
Month-Over-Month Market Statistics for Austin-Round Rock-San Marcos for August 2024:
Year-Over-Year Market Statistics for Williamson County for August 2024:
Analysis
What does all this mean (in layman’s terms) if you plan to buy or sell this fall?
For Sellers:
What does this mean if you plan to sell your home this fall? The market continues to soften, but equity positions for homeowners remain strong. It is crucial to work with an experienced real estate professional who understands the important process of property preparation, pricing, and presentation, particularly when it comes to the autumn season. Hire an agent who is a seasoned negotiator, immersed in the local market, and understands your financial goals.
For Buyers:
What does this mean if you plan to buy a home this fall? Good news! Mortgage rates are expected to decrease, and while no one knows how much they will go down, the fact that they are going in a favorable direction for buyers is progress! Couple that with the fact that your selection of home choices continues to grow with rising inventories, which means you can take your time to find a property that is truly right for you. You’ll discover some sellers are more willing to negotiate to make the deal a win-win for everyone. Keep in mind that you’ll want to hire an agent to advocate on your behalf only (a fiduciary), and you’ll also want to hire an experienced mortgage professional if you plan on obtaining a loan for your purchase.
Making A Move This Fall?
There are a number of ways a seasoned and experienced agent can negotiate on behalf of their seller clients and their buyer clients, and we are tireless when it comes to working for you. A home is often the largest investment you’ll make, so it’s essential to work with a fiduciary who prioritizes your interests above all else. We take this responsibility seriously and are committed to protecting your interests every step of the way. If we can help guide you home, contact The Cummings Team® today!